Samsung Heavy Industries has reported a positive result in the fourth quarter, which helped it reduce its full year red ink.
The South Korean shipbuilder posted an operating profit of KRW 46.4bn ($39.8m) between October and December, lower than analysts’ projections of KRW 88.6bn.
For the full financial year 2016, Samsung Heavy logged a loss of KRW 147.2bn, against red ink of KRW 1.5 trillion in 2015.
The 2016 operating loss was also lower than the market’s forecast of KRW 162.6bn.
Samsung Heavy has already raised its order target for 2017 and aims at new contracts valued at more than $6bn.
But it had to delay the delivery of a drillship by two years earlier this week after reaching an agreement with a European company.
Samsung Heavy saw its sales for 2016 in line with expectations at KRW 10.4 trillion.
